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EUR/USD Technical Analysis 02.20.2013

EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing rising trend line support set from mid-November 2012 at 1.3338. A break below that targets the 61.8% Fibonacci retracement at 1.3269. Alternatively, a push above falling trend line resistance (now at 1.3401) aims for the 23.6% Fib expansion at 1.3473.

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